The USD/CAD pair developed a new leg higher after signaling exhausted sellers. Worse than expected, Canadian data could boost the pair. A new higher high could activate an upside continuation. The USD/CAD price ended its downside movement and developed a new leg higher. The pair is trading at the 1.2589 level at the time of writing, and it could reach new highs if the Dollar Index resumes its growth. –Are you interested in learning more about AI trading brokers? Check our detailed guide- As you already know, DXY is strongly bullish. Further growth should help the USD to dominate the currency market. Still, the currency pair reached a strong upside obstacle in the short term. So, weāll have to wait for strong confirmation. After its amazing rally, we cannot exclude a minor retreat. The price could return to test and retest the immediate support levels before resuming its growth. The USD/CAD pair resumed its growth as the greenback received a helping hand from the US Unemployment Claims, which came in at 166K in the last week below 201K estimates, while the Consumer Credit was reported at 41.8B compared to 18.0B expected. Today, Canadian data could be decisive. The Employment Change could be reported at 77.5K in March versus 336.6K, while the Unemployment Rate could drop from 5.5% to 5.4%, which could be good for the Loonie. On the other hand, the Final Wholesale Inventories could report a 2.1% growth. Get FREE Forex Signals Now! USD/CAD price technical analysis: Upside bias The USD/CAD pair developed a strong leg higher after retesting the descending pitchforkās upper median line (UML). It has escaped from the down channel pattern signaling further growth. It has passed above the second warning line (wl2) of the descending pitchfork, but it has reached the 1.2592 static resistance. –Are you interested in learning more about spread betting brokers? Check our detailed guide- It remains to see how the pair will react around this level. Better than expected, Canadian figures could send the rate down in the short term. On the contrary, poor data could lift the pair. A new higher high, jumping and closing above 1.2611, could activate an upside continuation. Coming back to retest the second warning line (wl2) could bring new long opportunities. Also, donāt forget that the rebound could be only a temporary one, but itās premature to talk about a new strong leg down. Looking to trade forex now? Invest at eToro! Trade Forex Now! 68% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you can afford to take the high risk of losing your money Olimpiu Tuns Olimpiu Tuns Olimpiu Tuns graduated with a Master in Business Administration and is a seasoned Market Analyst / Trader / Trainer with 10 years of experience in the financial markets having expertise in Forex, Commodities, Index, Cryptocurrencies, and Stocks. He worked as a Market Analyst for three major brokerage companies, as a prop trader, and as a contributor/content creator for news portals and educational platforms. View All Post By Olimpiu Tuns Majors share Read Next USD/JPY Forecast: Bulls Eying 125.00 as Fed Hawks Boost Dollar Saqib Iqbal 2 months The USD/CAD pair developed a new leg higher after signaling exhausted sellers. Worse than expected, Canadian data could boost the pair. A new higher high could activate an upside continuation. The USD/CAD price ended its downside movement and developed a new leg higher. The pair is trading at the 1.2589 level at the time of writing, and it could reach new highs if the Dollar Index resumes its growth. -Are you interested in learning more about AI trading brokers? Check our detailed guide- As you already know, DXY is strongly bullish. Further growth should help the USD to dominate the… Regulated Forex Brokers All Brokers Sponsored Brokers Broker Benefits Min Deposit Score Visit Broker 1 $100T&Cs Apply 0% Commission and No stamp DutyRegulated by US,UK & International StockCopy Successfull Traders 9.8 Visit Site FreeBets Reviews$100Your capital is at risk. 2 T&Cs Apply 9.8 Visit Site FreeBets Reviews$100Your capital is at risk. 3 Recommended Broker $100T&Cs Apply No deposit or withdrawal feesTrade major forex pairs such as EUR/USD with leverage up to 30:1 and tight spreads of 0.9 pips Low $100 minimum deposit to open a trading account 9 Visit Site FreeBets ReviewsYour capital is at risk. 4 T&Cs Apply Visit Site FreeBets ReviewsYour capital is at risk. 5 Recommended Broker $0T&Cs Apply Trade gold, silver, and platinum directly against major currenciesUp to 1:500 leverage for forex trading24/5 customer service by phone and email 9 Visit Site FreeBets ReviewsYour capital is at risk.